When you need quick money, chances are you will ask those people within a ten-mile radius, which means your family, your friends or your officemates. This is perhaps the most common type of lending. In peer to peer lending, also known as social lending, you can be the borrower, or you can be the bank that grants loans.
This kind of lending is so popular for many practical reasons. First, it does not require you to go to any bank. If you are the borrower, all you got to do most of the time is to go the person who will serve as your bank, whether that person is just upstairs having a good nap, or in the living room watching TV and munching on a bag of chips, or just a door away. Another way to do this is to turn on your computer, browse the Internet and log in to the peer to peer market place.
This is really a good option if you cannot find someone willing enough to lend you a few bucks. Some sites are actually meant to cater to this kind of fast cash. Second, there are usually no interest rates, and if there are, they are utterly negotiable, depending on how good you are in persuading and bargaining with your ‘bank’. Loans made through social lending are flexible because they are not structured with a fixed rate, a fixed payment period, or a fixed amount. In online lending, individuals can also bid on your loan, allowing you to have lower and lower rates.
In addition to that, peer to peer lending is efficient as it takes charge of the logistics of your bad credit loan, such as deducting payments from your bank account, sending the money to your lender, communicating with credit offices, and providing a website plus customer service.
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